DV reported Q4 2025 total revenue of USD 206 million (+8%) and adjusted EBITDA of USD 78 million, with an adjusted EBITDA margin of 38%. Net income for Q4 was USD 29.3 million (GAAP EPS: USD 0.18; non-GAAP EPS: USD 0.32). Net cash provided by operating activities in Q4 was USD 73 million, and DV ended the quarter with no long-term debt. For FY 2025, DV posted total revenue growth of +14%, adjusted EBITDA of USD 245.6 million (33% margin), and net income of USD 50.7 million (GAAP EPS: USD 0.31; non-GAAP EPS: USD 0.90). Net cash provided by operating activities was USD 211.2 million and free cash flow was USD 172.7 million (70% free cash flow conversion). DV said FY 2025 net revenue retention was 109% and gross revenue retention was above 95%. Business highlights included no new deactivations among DV’s top 100 customers in Q4, social activation growth of about +60% year-over-year in Q4, and CTV measurement impressions growth of about +22% year-over-year in Q4, with FY 2025 CTV measurement volume up +33%. DV highlighted launches and updates across social and CTV, including YouTube Authentic Advantage (launched in late September), expanded Meta activation suitability capacity with 68 advertisers live, and TikTok suitability improvements. In CTV, DV highlighted Verified Streaming TV Measurement and an IMDb partnership aimed at adding show-level transparency, plus new activation tools including Verified Streaming TV Segments and a Do-Not-Air list in its brand suitability solution. DV also introduced AI-focused products, including Agent ID and AI SlopStopper (launching for social in 2026), and cited internal efficiency gains from its agentic classification system. DV also reported FY 2025 share repurchases of 8.4 million shares for USD 132 million, with USD 300 million authorized and available as of February 26, 2026. For guidance, DV forecast Q1 2026 revenue of USD 177 million to USD 183 million (+9% year-over-year at the midpoint) and adjusted EBITDA of USD 48 million to USD 52 million (28% margin at the midpoint), and FY 2026 revenue of USD 810 million to USD 826 million (+8% to +10%) with adjusted EBITDA of USD 267 million to USD 283 million (34% margin at the midpoint).
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